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The Governor of the Bank of England has spelled out his determination to prevent another house market bubble followed by a collapse in property prices.

Mark Carney has warned lenders that they must tighten their loan criteria and ensure that potential homeowners will still be able to meet their monthly mortgage payments when interest rates rise. On Thursday the former governor of the Bank of Canada announced that the Bank of England’s Financial Policy Committee had decided to end the Funding for Lending Scheme a year earlier than planned.